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Yeah, it's possible (if a little convoluted). Go to options>hotkeys, and click on the drop-down menu to the bottom-right. Switch to Mouse and Keyboard only, and then edit your PTT. You should have a 'Discard' tickbox, which suppresses the key you're using for that hotkey. I hope this helps.

Syn, there is an overlay plugin for TS3 (installed by default), but it's a little unstable and can cause crashes for some setups. I don't know whether it's hotkey-able by default, but it has some pretty extensive settings. Look for it under Settings>plugins. After it's activated, you'll be able to trawl through the options (I spied some 'activate' hotkey options in there)